Financing with Black Coral Capital offers secured convertible notes
By Devika Patel
Knoxville, Tenn., Jan. 20 – OneRoof Energy Group, Inc. said it raised $6 million in the initial closing of a $20 million private placement of secured convertible notes with Black Coral Capital LLC.
The notes are convertible into common stock at C$0.055 per share in the first year and at C$0.10 after that.
The conversion prices are an 8.33% discount and a 66.67% premium to the Jan. 19 closing share price of C$0.06.
Proceeds will be used for general working capital purposes.
The company also said it plans to exchange $9,267,697 of debt owed to Black Coral and $2,057,438 of debt owed to Spindrift Equities LLC for an equal amount of convertibles with the same terms as those sold in the placement.
OneRoof Energy is a residential solar services provider based in San Diego.
| Issuer: | OneRoof Energy Group, Inc.
|
| Issue: | Secured convertible notes
|
| Amount: | $20 million
|
| Conversion price: | C$0.055 for the first year, C$0.10 after that
|
| Warrants: | No
|
| Investor: | Black Coral Capital LLC
|
| Settlement date: | Jan. 20 (for $6 million)
|
| Stock symbol: | TSX Venture: ON
|
| Stock price: | C$0.06 at close Jan. 19
|
| Market capitalization: | $6.42 million
|
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